According to the forecast data published by Byblos Bank, the Lebanese insurance market [4] will total a turnover of 1.63 billion USD in 2019, declining by 5% compared to 2018.
The life activity accounted for 30.2% of premiums, that is 492 million USD, against 31.7% in 2018. Non-life premiums represented 69.8% of the total turnover against 68.3% a year earlier.
The insurance penetration rate stood at 2.9% of GDP in 2019, slightly decreasing compared to the 3.1% of GDP achieved in 2018. Insurance density is also declining as it dropped from 353 USD at the end of 2018 to 336 USD by late 2019, that is a 4.8% decrease over one year. Allianz SNA remains the market leader.
It is followed in decreasing order by Bankers Assurance, MetLife ALICO, Fidelity Assurance & Reinsurance and AXA Middle East.